The Securities and Futures Commission (SFC) has obtained an order from the Court of First Instance requiring Mr Andrew Liu, a former non-executive director of Arta TechFin Corporation Limited (Arta TechFin) (known as Freeman Financial Corporation Limited at the material time), and Mr Quincy Hui Kwong Hei, former managing director of Arta TechFin, to compensate the company $57.5 million over the financial loss they caused from its acquisition and disposal of a stake in Liu’s H

The Securities and Futures Commission (SFC) has reprimanded and fined Kylin International (HK) Co., Limited (Kylin) $9 million for multiple failures in managing private funds over a period of three years (Notes 1 and 2). The SFC found that while acting as the investment manager or consultant for six sub-funds of a Cayman-incorporated fund between August 2018 and July 2021, Kylin failed to fulfil its regulatory obligations in five key areas. First, Kylin failed to manage and

The Securities and Futures Commission (SFC) today convened the third meeting of the Digital Asset Consultative Panel (DACP), bringing together SFC-licensed virtual asset trading platforms (VATPs) to discuss forthcoming regulatory developments for digital assets in Hong Kong. At the meeting, participants discussed initiatives aimed at strengthening the digital asset ecosystem, including regulatory measures to enhance liquidity on licensed VATPs and to expand the range of produ

This circular sets out the Securities and Futures Commission’s ( SFC ) regulatory approach and expected standards for SFC-licensed virtual asset trading platform operators ( Platform Operators ) to allow an affiliated company to engage in market making activities on their virtual asset trading platforms ( VATPs ). Background Liquidity on Hong Kong’s VATPs remains subdued at the current stage of digital asset market development. Under Pillar A (Access) of its ASPIRe roadmap,

The Securities and Futures Commission (SFC) today set forth in a circular highly concerning issues related to serious deficiencies in the preparation of some listing documents, sponsors’ potential misconduct and significant mismanagement of resources amidst a surge in new listing applications in 2025 (Note 1). In reviewing recent listing applications, the SFC and The Stock Exchange of Hong Kong Limited (SEHK) identified a number of serious deficiencies in the preparation o

The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) today issued a joint consultation on standardising the calculation periods (Note 1) for each year under the Clearing Rules (Note 2) for the over-the-counter (OTC) derivatives regulatory regime. Under the current approach that requires the central clearing of OTC derivative transactions, the existing list of calculation periods specified in the Clearing Rules needs to be updated regularly.

The Securities and Futures Commission (SFC) has suspended Ms Choi Sau Wai, a former licensed representative of Glory Sun Securities Limited (GSSL), for seven months from 23 January 2026 to 22 August 2026 (Note 1). As part of an investigation into a suspected ramp-and-dump scheme, the SFC found that, between October 2019 and January 2022, Choi knowingly allowed and facilitated an account executive of another brokerage firm (AE) to operate and carry out personal trades in a cli

The Securities and Futures Commission (SFC) has suspended the licence of Mr Wong Chi Fai, a former licensed representative of Fulbright Securities Limited and Fulbright Futures Limited (collectively Fulbright), for 27 months from 23 January 2026 to 22 April 2028 (Note 1). As part of an investigation into a suspected ramp-and-dump scheme, the SFC found that, between October 2019 and January 2022, unbeknownst to Fulbright, Wong conducted approximately 1,300 securities transacti